IB IDEAL PRO Trade USDJPY, need HELP!

Discussion in 'Forex Trading' started by Digs, Feb 13, 2006.

  1. Digs

    Digs

    I tried to trade USDJPY today

    First trade via IDEAL PRP for this cross

    rate 117.75

    I wanted to buy 4000 QTY via TWS it said may trade was under $25000 mimimum order...

    How 25000/117.75 = 212 minimum order, I thought

    4000 USDJY margin is 30:1 so needs $16k in my account..

    What have I got wrong...

    I thought...

    1 USD = 117.75 JPY

    Therefore buying USDJPY 4000 equals $471000 USD @ rate of 117.75
     
  2. Well, your order as placed was to buy 4000 USD. If you want to buy 471K USD, put in an order to buy 471k....
     
  3. Digs

    Digs

    So hows the margin calculated...

    when its 30:1 how much do I need in my account to buy $471k
     
  4. JayS

    JayS

    Actually 4000 = $4000 or 471,000 YEN
     
  5. JayS

    JayS

    They moved it down to 2% today I think, so $471,000 * .02 = $9,420

    (if 30:1 then .0333 * 471,000 = $15,699)
     
  6. Digs

    Digs

    Thats margin in YEN , not margin in USD is it not,,,

    SO the QTY you load into TWS is always USD...
     
  7. Digs

    Digs

    Ok I am stuck

    SAY I BUY USDJPY at 117.75

    And my max loss of USD dollars is to be only $10,000 usd to my account

    And my stop loss was to be placed at 117.00

    Question : How much YEN can I buy ? Or what the f**k do I load into TWS in the QTY screen....
     
  8. JayS

    JayS

    What you enter is dollars, say $500,000 at 117.75 that equals 58,875,000 YEN. The margin will be 2% of $500,000 or $10,000, make sense?
     
  9. Digs

    Digs

    Into TWS I load YEN, so I load 58M yen
     
  10. JayS

    JayS

    I'll let someone else explain, I was never good at teaching especially when its not face to face.
     
    #10     Feb 13, 2006